Adani, Torrent, Shell, and Actis competing for KKR's energy InvIT
12 Jan 2023
2 Min Read
CW Team
Virescent Renewable Energy Trust, an infrastructure investment trust (InvIT) owned by KKR India is
being sought after by a group of about six domestic and international energy developers for an
enterprise value of $550 million. These developers include Adani Green, Torrent Power, Shell, and
Actis. The trust has a portfolio of 16 operational solar power plants spread across 7 states, totalling
538 MW in capacity. This could be the first sale of an InvIT in India if the purchase goes through.
According to the sources previously mentioned, the competitors have recently made non-binding
offers and are currently in negotiations with KKR and its advisors JP Morgan, who will move forward
with a smaller group of shortlisted candidates for the next stage of negotiations and due diligence.
Around 9 operating solar power projects totalling 394 MW were included in the trust's initial
portfolio of assets. These projects were located in Maharashtra, Tamil Nadu, Rajasthan, Gujarat, and
Uttar Pradesh. The trust then added 7 more operating solar power projects totalling 144 MW in
Punjab, Madhya Pradesh, and Rajasthan. With central and state government offtakers, all 16
projects have long-term Power Purchase Agreements (PPAs) for 25 years.
According to a recent study, there is a strong InvITs pooled structure that produces a well-diversified
mix of assets, and the cash flows from the pool of 14 assets, which have a three to nine year
operational track record. The projects are spread out over seven states, which minimises the effect
of any one-time resource-related hazards at remote places.
Virescent Renewable Energy Trust, an infrastructure investment trust (InvIT) owned by KKR India is
being sought after by a group of about six domestic and international energy developers for an
enterprise value of $550 million. These developers include Adani Green, Torrent Power, Shell, and
Actis. The trust has a portfolio of 16 operational solar power plants spread across 7 states, totalling
538 MW in capacity. This could be the first sale of an InvIT in India if the purchase goes through.
According to the sources previously mentioned, the competitors have recently made non-binding
offers and are currently in negotiations with KKR and its advisors JP Morgan, who will move forward
with a smaller group of shortlisted candidates for the next stage of negotiations and due diligence.
Around 9 operating solar power projects totalling 394 MW were included in the trust's initial
portfolio of assets. These projects were located in Maharashtra, Tamil Nadu, Rajasthan, Gujarat, and
Uttar Pradesh. The trust then added 7 more operating solar power projects totalling 144 MW in
Punjab, Madhya Pradesh, and Rajasthan. With central and state government offtakers, all 16
projects have long-term Power Purchase Agreements (PPAs) for 25 years.
According to a recent study, there is a strong InvITs pooled structure that produces a well-diversified
mix of assets, and the cash flows from the pool of 14 assets, which have a three to nine year
operational track record. The projects are spread out over seven states, which minimises the effect
of any one-time resource-related hazards at remote places.
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